The details are in.

After months of tense negotiations, a bipartisan group of Senators unveiled the 2,702 page Infrastructure Investment and Jobs Act on Sunday. The historic bill comes with a hefty price tag: approximately $1 trillion, including $550 billion in new spending on the nation’s roads, bridges, water systems, broadband capabilities, and electrical grid.

The legislation designates certain funding sources, including money originally earmarked for COVID-19 relief and expanded unemployment insurance. Democrats wanted to raise taxes on the wealthy and on corporations, but they had jettison that proposal to attain GOP support.

The bill still has to go through the amendments process, yet Senate Majority Leader Chuck Schumer predicted that it would pass the Senate in a “matter of days.” Seventeen Republicans joined all 50 Democrats in a procedural vote last week seen as a bellwether for the act’s Senate fate. It must receive 60 yes votes in order to withstand a potential filibuster.

Here are some of the salient new spending features of the legislation as outlined by the non-partisan Committee For A Responsible Federal Budget:

  • $110 billion for roads, bridges, and major projects
  • $73 billion for power infrastructure
  • $66 billion for passenger and freight rail
  • $65 billion for broadband
  • $55 billion for water infrastructure (including replacing all lead pipes)
  • $50 billion for resilience and western water storage
  • $39 billion for public transit
  • $25 billion for airports
  • $21 billion for environmental remediation
  • $17 billion for ports and waterways
  • $15 billion for electric vehicles
  • $11 billion for road safety
  • $1 billion for reconnecting communities

“This helps make the economy more efficient, more productive, and therefore it actually returns an investment to the American people,” said Sen. Rob Portman of Ohio, the lead GOP negotiator, on the Senate floor on Saturday night.

But opponents of the bill contend that its “payfor” provisions fall short. Bloomberg explains:

The bill will be paid for largely by the equivalent of raiding the federal budget couch cushions for cash. Democrats were unwilling to cut much spending elsewhere, while Republicans early on declared a “red line” against Biden’s plans to raise taxes on corporations and the wealthy. Biden in turn nixed early talk of raising the gas tax or imposing a tax on electric vehicles.

Offsets include such items as selling off billions of dollars worth of oil from the Strategic Petroleum Reserve starting in 2028, tapping assorted unspent Covid-19 relief accounts, extending some budget cuts from 2030 to 2031 and delaying a never-implemented prescription drug rebate rule under Medicare.

If the legislation passes the Senate, it still has a rocky road in the House, where Speaker Nancy Pelosi (D-CA) wants to make it contingent on the passage of a separate $3.5 trillion dollar package that tackles progressive priorities like paid family leave, subsidized child care, universal pre-k, climate change mitigation, and affordable housing.

From The Wall Street Journal:

Rep. Alexandria Ocasio-Cortez (D., N.Y.) said on CNN’s “State of the Union” that at least 10 House Democrats would vote against the infrastructure bill if it isn’t accompanied by the $3.5 trillion legislation, which is also expected to include tax increases on corporations and high-income households.

“We need a reconciliation bill if we want this bipartisan bill to pass,” she said.

Democrats have just an 8-seat advantage in the lower chamber.